50th Anniversary Task Force formedAAA-CPAThe AAA-CPA is looking for members to join our 50th Anniversary Task Force for our celebration in July 2014 during our annual meeting and in November for our fall meeting. Chaired by Sydney Traum with staff assistance from Nicole Ratner, we hope you will join us in prepping for some wonderful festivities. If interested, please send an email to Nicole Ratner at nratner@attorney-cpa.com.

Dynamic Tax Saving Strategies for the Next DecadeDiscover innovative income and estate tax favored strategies designed to retain wealth and defensive investment solutions during our next complimentary Thought Leader Series webcast, Dynamic Tax Saving Strategies for the Next Decade. Presented by Mark Silberfarb, TEP, CFP, ChFC, AEP, CLU on Wednesday, August 21, 1-2 p.m., E.T.

MEMBER ARTICLES

Real taxes in the virtual economyAnnette Nellen, Esq., CPA, director, MST program at San José State University via CPA2BizThis article summarizes a recent U.S. Government Accountability Office report on virtual currency and economies and notes some of the tax issues surrounding this new way of doing business and living.

Sydney S. Traum, Esq., CPA, named to 'Best Lawyers in America®' in the practice area of tax law for 20 yearsAAA-CPAInclusion in "Best Lawyers in America®" is based on an exhaustive and rigorous peer-review survey comprising more than 5 million confidential evaluations by top attorneys. No fees or purchase is required; being listed in "Best Lawyers in America®" is considered a singular honor. The "Best Lawyers in America®" publication is one of the most visible peer-review publications in the legal profession. Congratulations to Traum!

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INDUSTRY NEWS

Study: Companies sweating Obamacare tax — and acting on itCNBCMid- and large-sized companies overwhelmingly expect health care costs to increase under Obamacare — and most are eyeing possible changes to their health insurance offerings because of a looming excise tax for pricier plans under the health care reform law, a new survey of employers finds.

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Code revisions await 2015 turn with election year stasisBloomberg Economics and politics are poised to change the landscape for a U.S. tax code rewrite if the chairmen of the congressional tax panels can't overcome conflicts to push through changes by next year.
The details of a tax plan in 2015 probably will reflect an improved economy and shifts in congressional leadership after the 2014 election, analysts and lobbyists said, according to Bloomberg BNA.

IRS considers tax protesters 'constitutionally challenged'Accounting Today Some Internal Revenue Service employees continue to use the term "tax protester" to refer to taxpayers despite a 1998 law prohibiting the use of the designation, according to a new report from the Treasury Inspector General for Tax Administration. The report found that out of approximately 257 million records and cases, there were 54 instances in which 45 employees referred to taxpayers as "Tax Protester," "Constitutionally Challenged" or other similar designations in case narratives on the computer systems analyzed for the report.

Liberal groups sue IRS to stop campaign spending by tax-exemptsReuters Advocates for campaign finance transparency sued the Internal Revenue Service to force it to deny tax-exempt status to groups spending funds on political activities, launching a legal case that tax lawyers said faced long odds.
Ahead of the 2012 elections, liberal and conservative tax-exempt groups raised hundreds of millions of dollars from anonymous corporate and individual donors, then spent the money on political advocacy, usually negative television ads.

Taxes: Historic preservation supporters fighting to keep creditBloomberg Supporters of U.S. tax credits for historic preservation work are fighting to keep the program as Congress looks for cuts in a rewrite of the Internal Revenue Service code.
The historic tax credit is used to rehabilitate historic buildings and promote economic revitalization in rural and urban areas.

Real estate benefits could be cut as part of tax reform measuresLos Angeles Times Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse.
Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits — first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.

IRS intensifies scrutiny of small businessAAA-CPAOn Aug. 10, The Wall Street Journal reported that the Internal Revenue Service is issuing 20,000 letters to businesses that accept credit cards and asking them "to explain why the portion of [their] gross receipts from noncard payments appears unusually low." According to The Wall Street Journal, the letters form part of a "broader initiative aimed at boosting federal tax receipts and insuring compliance."

Taxes: Lessons of 1986 show IRS code revision tougher this timeBloomberg The lessons of the last big revision to the tax code in 1986 show it's going to be harder to get things done this time.
Like efforts to cut rates, eliminate deductions and simplify the code, the deal under Ronald Reagan faltered again and again, Bloomberg BNA reported. Ultimately, lawmakers lowered the top rate to 28 percent from 50 percent, scrapping loopholes and increasing corporate taxes in a revenue-neutral fashion.